Gold futures record worst daily fall since early March

gold-futures-record-worst-daily-fall-since-early-march

Gold prices end Monday lower, recording the worst daily drop in nearly two months for the precious metal, as the dollar continued to soar and Treasury yields climbed. Gold for June delivery GC00, -0.11% GCM22, -0.11% shed $27.70, or 2.5%, to settle at $1,863.60 an once on Comex, the biggest daily percentage decline for the precious metal since March 9 when the most-active gold contract fell 2.7%, according to Dow Jones Market Data. “The precious metals are getting hit early this week by the bearish outside market forces of a strong U.S. dollar index that is near a 20-year high, solidly lower U.S. crude oil prices and higher U.S. Treasury yields,” Jim Wyckoff, senior analyst at Kitco.com wrote, in a Monday note. The ICE U.S. Dollar Index DXY, -0.25% was up 0.6% Monday to about $103.62. A stronger dollar can be a weight on commodities priced in the unit, making them more expensive to users of other currencies. The 10-year Treasury yield briefly touched 3% on Monday, its highest since 2018.

Source: Marketwatch

Related Posts